WHAT IS IN A BUYER’S AGENCY AGREEMENT FOR ME?

The buyer’s agent has a duty to educate the client

This article appeared in the Brampton Guardian on February 17, 2010. http://zoominlocal.com/ml-brampton-guardian/2010/02/17/#?article=761453

Buyer Agency

For many years Ruth Ballantyne, a real estate sales representative, has heard buyers say they don’t want to sign anything. They are sure that they are protecting themselves from real estate sales representatives by simply avoiding a ‘Buyers Agency Contract’. Why in the world would you even dream of signing a contract as a buyer? What is in it for you? A lot.

Continue reading “WHAT IS IN A BUYER’S AGENCY AGREEMENT FOR ME?”

New Listing! 42 Drake Blvd, Brampton

Just Listed!

42 Drake Blvd, Brampton

$254,800

 

This Wonderful Bungalow Boasts A Renovated Eat-In Kitchen Open To The Living & Dining Room With Hardwood Floor. 3 Good Size Bedrooms On The Main Level All Have Hardwood. Separate Side Door Leads To The Large Finished Rec Room & 2 Extra Bedrooms In The Basement With Rough-In 3 Pc Bathroom & Laundry Room. Located Close To All Amenities.

Check out www.42Drake.info for more information.

If you would like to book a personal tour, please email me at ruth@ruthballantyne.com

If you are interested in selling your home, click here

If you are interesed in purchasing a home, click here

Low inventory levels set stage for heated Spring market in most major Canadian centres, says RE/MAX

Active listings down in 81 per cent of markets in January

 

remax

Mississauga, ON (February 24, 2010) – Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.

The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.

“There have never been so many motivating factors in play at once,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies.”

Read the whole press release…

Continue reading “Low inventory levels set stage for heated Spring market in most major Canadian centres, says RE/MAX”

Great Mid February Results in the GTA

GTA REALTORS® REPORT MID-FEBRUARY RESALE HOUSING MARKET FIGURES

TORONTO, February 18, 2010 — Greater Toronto REALTORS reported 3,555 sales through
the Multiple Listing Service during the first two weeks of February.

This represented a 74 per cent increase compared to the 2,044 sales recorded during the
same period in 2009 when resale transactions had dipped due to the recession. The
February mid-month sales total was also 7.7 per cent above the previous high set in 2006.
“Home ownership demand remains strong in the GTA, as households remain confident
that economic recovery is at hand and that ownership housing will continue to be a
quality long-term investment,” said Toronto Real Estate Board President Tom Lebour.
The average price for February mid-month transactions was $429,997 – an 18 per cent
increase over 2009. New Listings within the Toronto Real Estate Board boundaries were
up 15 per cent to 6,212.

“Double-digit price increases will persist through the first quarter of the year,” said Jason
Mercer, TREB’s Senior Manager of Market Analysis. “However, as new listings continue
to increase creating a better supplied market, we will see the annual rate of price growth
moderate into the single digits.”

Summary Of February Sales And Average Price

February
2010 2009

                                             Sales     Average Price   Sales    Average Price
City of Toronto (“416”)         1,430     $471,958            816     $400,467

Rest of GTA (“905”)             2,125     $401,760          1,228     $341,013

GTA                                      3,555       $429,997         2,044     $364,748

Source: Toronto Real Estate Board

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics
and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater
Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

RE/MAX VIP TICKETS TO THE NATIONAL HOME SHOW

remaxtickets

It is once again time for the National Home Show, at the Direct Energy Centre, Exhibition Place. The show runs from Feb 19-Feb 28, 2010.

You can have a VIP ticket and attend as my guest. RE/MAX is sponsoring an Ultimate KitchenAid Home Appliance Contest where you can win a set of KitchenAid appliances.

RE/MAX VIP Ticket privileges include:

Exclusive RE/MAX VIP entrance and complimentary Coat Check

Front row seating at the Little Project Stage

Front of the Line Access to the Eurodale Dream Home

Complimentary Wine Tasting in the RE/MAX Vip Kitchen Party Booth #5539

If you would like tickets simply comment below on this blog post. Please leave your contact details and we will Mail the tickets out to you until Friday and then after Friday you can pick them up at the front desk of my office. Two ticket maximum. Please don’t forget to enter the Contest for the Kitchenaid Appliances and let me know (by commenting on the blog or email) how you enjoyed the show.

E-Blast from CAAMP re: Mortgage Changes

MORTGAGE INSURANCE RULES ANNOUNCEMENT

This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows:

All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one’s home;
Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

3 Ways to Save Money for First Time Buyers

Three Ways to Save Money for First Time Buyers

 

As we move into February we begin to think of taxes and how we can minimize what we pay to the government. One way to ensure you are saving more of your money is to contribute to your RRSP. The money that you put into your RRSP not only provides you with a tax break, it can be used to make up some or all of your down payment for a house through the Government’s Home Buyers Plan (HBP).

This is a fantastic way for first time buyers to get into the housing market and use money you would normally pay in taxes to help you buy a house. Depending on your tax bracket if you put your down payment into an RRSP you will get tax relief. What better way to fund a down payment than with money the government sends you in a tax refund.

This plan began in 1992 and the Canadian Real Estate Association has been lobbing the government for many years to enhance this plan. In April the Canadian Real Estate Association (CREA) leaders went to Parliament Hill to lobby MP’s to index the Home Buyers’ Plan (HBP) RRSP withdrawal limit to ensure that it never loses its buying power. In 2008, the CREA lobby was successful in lobbing MP’s to raise the withdrawal limit from $20,000 to $25,000. Last year we also recommended extending the HBP to all homebuyers for two years as a temporary stimulus measure. Over 2,000,000 Canadians have already used the Homebuyers Plan to help their dream of home ownership come true.

Buying a first home is an exciting time. The funds can be used for down payment, legal fees, moving expenses and other things related to buying your first home. The money that you remove from your RRSP must be repaid into the account over 15 years. You must replace a minimum of 1/15th of the money your remove each year or repay the taxes on that same amount. There is no tax charged to take it out.

First time buyers also receive a Land Transfer Tax break/discount on the first $2000 for a resale home. If you are a first-time homebuyer, you may be eligible for a refund of all or part of the tax, depending on the price of the home you choose.

The government also assists first-time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.

So if you are thinking of purchasing a home in 2010 contact me today at ruth@ruthballantyne.com and I can help you confirm dates, deadlines and the definition of a First Time Buyer to ensure you get the most from it. There are some exceptions where previous homeowners may qualify. It may be away for you, your family and friends to use money you already have, or get more money by way of tax relief to purchase the home you have always wanted.

OPEN HOUSE SATURDAY FEB 6, 2-4pm AT 16 BACCARAT CRES, BRAMPTON

Please join me at my open house tomorrow at 16 Baccarat Cres, Brampton from 2-4pm.

 

Mayfield & Hwy 10 Brampton

Stunning 4 Bedroom, 2616 Sq Ft Cameron Model Built By Tribute. Boasts A Family Size, Eat-In Kitchen With Gleaming Ceramics, Breakfast Bar & Walk-Out To Huge Pool Size Backyard. Open Concept Family Room With Gleaming Hardwood & A Cozy Gas Fireplace. Separate Living & Dining Rooms & A Convenient Main Floor Laundry Room With Entrance To Double Garage. Basement Has A Rough-In Bath & Cold Cellar. Includes: All Appliances, Window Coverings, Light Fixtures, Central Vac, Central Air, Garage Door Opener With 2 Remotes.

Here is a preview.

If you are thinking of selling your house, click here

If you are currently looking to buy a home, click here